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Key Info

Covanta Holding Corp Web - www.covantaholding.com

Tel - 1-862-345-5000

Next Reporting Date - 20.02.2020

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    Covanta Holding Corp

    Commercial & Professional Serv

    UNITED STATES


    DCF Model Assumptions

    Risk Free Rate

    2.00%

    Country Equity Risk Premium

    6.00%

    Cost of Debt

    5.24%

    Cost of Debt

    5.24%

    Long Term Growth

    2.00%

    Beta Assumption

    0.86

    Current Market Cap mln$

    2,064.81

    Net Debt mln$

    2,595.00

    WACC Estimate

    6.09%

    Ordinary Current Price $

    15.71

    DCF Model

    DCF20152016201720182019F2020F2021F2022F2023F2024F2025F2026F2027F2028F2029F
    Revenue1645.001699.001752.001868.001941.752023.012102.082178.852258.762343.302431.002521.992616.382714.302815.89
    EBITDA Costs1347.001377.001429.001582.001651.131739.131824.761907.891994.422087.592185.122287.202394.052505.892622.95
    EBITDA298.00322.00323.00286.00290.61283.88277.32270.96264.33255.70245.88234.79222.33208.41192.94
    EBITDA Margin18.1218.9518.4415.3114.9714.0313.1912.4411.7010.9110.119.318.507.686.85
    Operating Costs1545.001590.001651.001805.001885.841982.222076.012167.062261.832363.552469.832580.902696.952818.232944.96
    Operating Profit100.00109.00101.0063.0055.9040.7826.0711.79-3.08-20.25-38.83-58.91-80.58-103.93-129.08
    Operating Margin6.086.425.763.372.882.021.240.54-0.14-0.86-1.60-2.34-3.08-3.83-4.58
    Pretax Costs1673.001685.001887.001751.001835.671870.751904.891938.031972.532007.672043.442079.852116.902154.622193.01
    PTP-28.0014.00-135.00117.00106.08152.26197.19240.82286.23335.62387.56442.14499.47559.68622.88
    Pretax Margin-1.700.82-7.716.265.467.539.3811.0512.6714.3215.9417.5319.0920.6222.12
    Net Income Costs1636.001718.001818.851881.001982.292070.872157.062240.742327.852420.412516.662616.732720.782828.972941.45
    Net Income9.00-19.00-66.85-13.00-40.54-47.86-54.98-61.90-69.09-77.12-85.66-94.74-104.40-114.66-125.57
    Net Margin0.55-1.12-3.82-0.70-2.09-2.37-2.62-2.84-3.06-3.29-3.52-3.76-3.99-4.22-4.46
    Revenue Less Capex2021.002058.002029.002074.002084.312100.032115.322130.162145.612161.022176.552192.182207.932223.792239.77
    Capex-376.00-359.00-277.00-206.00-142.57-77.02-13.2448.69113.15182.27254.45329.80408.45490.51576.12
    Capex to Revenues-22.86-21.13-15.81-11.03-7.34-3.81-0.632.235.017.7810.4713.0815.6118.0720.46
    Revenue less FCF1772.001794.001787.001836.001851.581873.571894.971915.741937.371959.111981.102003.342025.822048.562071.56
    FCF-127.00-95.00-35.0032.0090.17149.44207.11263.11321.39384.19449.90518.65590.55665.74744.33
    FCF to Revenue-7.72-5.59-2.001.714.647.399.8512.0814.2316.4018.5120.5722.5724.5326.43

    UNITED STATES Comparables

    tickercompanycountry Market Cap
    2019
    PE RATIO
    2019
    PE RATIO
    2020
    EV/EBITDA
    2019
    EV/EBITDA
    2020
    P/S
    2019
    DIVIDEND YIELD
    2019
    EBITDA Margin
    2019
    P/B
    2019
    ROE
    2019
    6 month return
    2019
    WM USWaste Management IncUNITED STATES 53407.1325.8827.2913.3113.622.561.828.556.8425.0312.97
    RSG USRepublic Services IncUNITED STATES 32043.4926.8728.5612.713.242.351.7428.653.5213.3810.26
    CTAS USCintas CorpUNITED STATES 31216.5429.1934.2617.1820.3530.9221.677.6329.0919.93
    VRSK USVerisk Analytics IncUNITED STATES 28084.0139.2535.4525.0122.9510.80.5846.8713.1233.1122.99
    EFX USEquifax IncUNITED STATES 19731.7530.2828.210530.617.843.291.110.056.59-14.0328.61
    NLSN USNielsen Holdings PLCUNITED STATES 7610.7811.811.728.598.421.175.2228.573.2423.75-13.75
    RHI USRobert Half International IncUNITED STATES 6930.2516.1914.619.529.441.191.9612.576.3641.18-14.68
    SRCL USStericycle IncUNITED STATES 5875.9124.522.314.7914.141.77-17.492.329.286.38
    MAN USManpowerGroup IncUNITED STATES 5465.7312.8712.058.4970.192.253.462.0917.352.23
    ADT USADT Corp/TheUNITED STATES 5349.017.047.266.066.41.058.3848.751.522.34-6.16
    CVA USCovanta Holding CorpUNITED STATES 2064.81--10.7910.461.116.3822.895.571.544.85
    DNB USDun & Bradstreet Corp/TheUNITED STATES ------0.27--#N/A N/A
    IHS USIHS IncUNITED STATES ------#????!--#N/A N/A

    International Comparables

    tickercompanycountry Market Cap
    2019
    PE RATIO
    2019
    PE RATIO
    2020
    EV/EBITDA
    2019
    EV/EBITDA
    2020
    P/S
    2019
    DIVIDEND YIELD
    2019
    EBITDA Margin
    2019
    P/B
    2019
    ROE
    2019
    6 month return
    2019
    REN NARELX NVBRITAIN 51965.52#N/A Field Not Applicable21.115.720#N/A Field Not Applicable#N/A Field Not Applicable34.84#N/A Field Not Applicable66.968
    REL LNRELX PLCBRITAIN 51943.2724.6221.0715.7215.54.272.434.841766.968.13
    EXPN LNExperian PLCBRITAIN 33363.935.6435.1117.2220.874.311.7232.899.8228.0416.31
    WKL NAWolters Kluwer NVNETHERLANDS 20637.1925.1623.6716.1215.274.181.5529.078.1128.477.85
    BXB AUBrambles LtdAUSTRALIA 13653.531.6825.9310.8610.452.343.2128.943.7744.57-7.77
    EDEN FPEdenredFRANCE 13044.3335.8331.7420.8518.497.471.940.71--21.366.74
    ITRK LNIntertek Group PLCBRITAIN 12316.8727.6726.4214.9114.843.161.8123.79.2735.599.56
    BVI FPBureau Veritas SAFRANCE 1228024.3622.7413.512.792.242.3820.249.0541.382.62
    RAND NARandstad Holding NVNETHERLANDS 10937.5716.813.439.168.720.317.945.42.4314.541.09
    257 HKChina Everbright International LtdHONG KONG 4571.626.835.647.025.771.044.2931.40.9414.34-17.03
    GFS LNG4S PLCBRITAIN 4059.0110.910.2376.730.414.899.873.9832.85-4.22
    BAB LNBabcock International Group PLCBRITAIN 3302.0212.497.089.126.20.726.088.950.876.92-1.78
    CPI LNCapita PLCBRITAIN 3229.411.510.318.387.540.67012.9759.36166.418.49
    BB FPSociete BIC SAFRANCE 3086.5215.8612.136.466.352.085.5621.621.7610.85-21.42
    012750 KSS-1 CorpSOUTH KOREA 2826.1724.2820.37-7.741.68-----7.97
    AGK LNAggreko PLCBRITAIN 2573.2715.4412.4754.61.173.5632.771.399.337.28
    ADEN VXAdecco Group AGSWITZERLAND --00--4.84-19.02#N/A N/A
    DEPS LIDepa LtdUAE ------#????!--#N/A N/A
    SGSN VXSGS SASWITZERLAND #N/A Field Not Applicable-13.390#N/A Field Not Applicable#N/A Field Not Applicable24.38#N/A Field Not Applicable41.48#N/A N/A

    EV, Debt, Cash

    Fields2018
    EV4659.81
    Cash58
    Debt2494
    Debt/Equity388.44
    Pref Equity0
    Shares Out131
    minorities0

    Last Price

    Fields2018
    Last Price15.71
    Next DVD Ex Date26.03.2020
    DVD Announcement Date24.10.2019
    Last Ex Date26.12.2019

    CashflowSummary

    Fields201520162017201820192020
    Revenue16451699175218681866.1251915.75
    Operating Profit1001091016393.58124.4
    PTP-2814-1351171.613-2.21
    Net Income9-19-66.85-13-3.817-7.124
    EPS0.07-0.15-0.37-0.1-0.049-0.036
    DPS11111.0021
    EBITDA298322323286427.111440.222
    BPS4.8702290083.6076923083.2595419853.7175572522.822.217
    Capex-376-359-277-206-169-146
    FCF-127-95-35324.556.49
    EV TO T12M EBIT44.2342.0146.4466.5766.5766.57
    EV/EBITDA14.8414.2214.5214.6610.7910.46
    CUR RATIO1.891.31.111.131.131.13

    Ratios

    Fields201520162017201820192020
    Market Cap2064.812064.812064.812064.812064.812064.81
    PE RATIO18.72-----
    EV/EBITDA14.8414.2214.5214.6610.7910.46
    P/S1.241.180.931.251.111.08
    DIVIDEND YIELD6.466.415.927.456.386.37
    EBITDA Margin18.1218.9518.4415.3122.890.06
    P/B3.184.325.183.615.577.09
    ROE9.58-0.7212.7233.261.54-1.27
    6 month return4.854.854.854.854.854.85